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Overview
Objectives
Dodge & Cox International Stock Fund seeks long-term growth of principal and income.
Investment approach
The Fund offers investors a highly selective, actively managed core international equity fund that typically invests in companies in developed markets, (excluding the U.S.), and emerging markets, based on our analysis of companies’ fundamentals relative to their current valuations. Generally, we:
- Target a diversified portfolio of equity securities issued by medium-to-large, well-established non-U.S. companies that, in our opinion, appear to be temporarily undervalued by the stock market but have a favorable outlook for long-term growth.
- Select individual securities based on our analyses of various factors—including a company’s financial strength, economic condition, competitive advantage, quality of the business franchise, financially material environmental, social, and governance (ESG) issues, and the reputation, experience, and competence of its management—as weighed against valuation.
Dividends and capital gains (if any) are distributed annually in December.
Performance
Portfolio
Meet the Fund’s Investment Committee
We believe investors benefit from our team-based approach to managing investments. Through close collaboration and debate, we bring our best ideas forward. The primary responsibilities of the Committee, whose members’ average tenure at Dodge & Cox is 23 years, include:
- Setting and reviewing international equity investment strategy, and continually assessing opportunities and risks to the portfolio.
- Evaluating and debating analyst recommendations and analyses to collaborate on buy, sell, and position-sizing decisions across individual holdings, sectors, and countries.
- Overseeing the strategy’s implementation and monitoring portfolio holdings, making changes when appropriate.
Our Committee members are shareholders of Dodge & Cox and invest in the International Stock Fund.
Documents
Literature
Regulatory Documents
You could lose money by investing in the Fund, and the Fund could underperform other investments. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund’s performance could be hurt by:
An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
There are further risk factors described elsewhere in the Prospectus and in the Statement of Additional Information.
The MSCI ACWI (All Country World Index) ex USA Index is a broad-based, unmanaged equity market index aggregated from developed and emerging market country indices, excluding the United States. The MSCI EAFE (Europe, Australasia, Far East) Index is a broad-based, unmanaged equity market index aggregated from developed market country indices, excluding the United States and Canada. It covers approximately 85% of the free float-adjusted market capitalization in each country. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI Information is provided on an ''as is'' basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved In or related to compiling, computing or creating any MSCI information (collectively, the ''MSCI Parties'') expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Portfolio Turnover is calculated as the lesser of the portfolio purchases or sales divided by the average portfolio value for the period.